auction ring Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “auction ring” in the English Dictionary

"auction ring" in Business English

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auction ringnoun [C]

uk   us   (also bidders' ring) COMMERCE
a ​group of ​buyers at an auction (= ​publicsale) who make an ​illegalagreement not to ​compete against one another to ​buy things, in ​order to ​keep the ​pricelow. They then ​sell what they have ​bought at a ​higherprice and ​share the ​profits.
(Definition of auction ring from the Cambridge Business English Dictionary © Cambridge University Press)
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